Friday, October 1, 2010

WSIB raises premiums & Logging Companies will see a 9.1% increase to $12.47 per $100 of Pay

Ontario's troubled insurance plan for injured workers says it will increase premiums while outside advisers study solutions for its staggering losses.

The Workplace Safety and Insurance Board, which already has the highest premiums in Canada, announced Thursday it will increase its premiums by an average of 4.3 per cent by 2012.

President David Marshall says the increase is less than would be required to eliminate annual deficits, and to start eliminating a $12 billion shortfall in the WSIB’s reserve fund.

The average WSIB premium is to increase by 5 cents in 2011 and 5 cents in 2012, bringing the total premium to $2.40 per $100 of pay. But premiums vary widely by industry sector, and so will the percentage increases next year.

Some sectors will see no increase, but logging companies will see a 9.1 per cent increase to $12.47 per $100 of pay, and vehicle assemblers will see a 13.5 per cent increase to $3.44 per $100.

Read the full article on the Toronto Star .